Nabors Industries (NBR) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Nabors Industries (NYSE:NBR) from an overweight rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm currently has $9.00 target price on the oil and gas company’s stock.

NBR has been the subject of several other research reports. Deutsche Bank started coverage on shares of Nabors Industries in a research report on Tuesday, October 10th. They issued a hold rating and a $9.00 target price for the company. Zacks Investment Research cut shares of Nabors Industries from a hold rating to a sell rating in a research report on Friday, December 15th. Cowen set a $9.00 target price on shares of Nabors Industries and gave the stock a buy rating in a research report on Thursday, January 11th. Credit Suisse Group set a $8.00 target price on shares of Nabors Industries and gave the stock a buy rating in a research report on Thursday, October 26th. Finally, Royal Bank of Canada set a $8.00 price objective on shares of Nabors Industries and gave the company a buy rating in a report on Thursday, December 21st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $10.89.

Nabors Industries (NYSE:NBR) traded up $0.13 during midday trading on Wednesday, reaching $8.12. 7,926,454 shares of the company’s stock traded hands, compared to its average volume of 12,120,000. Nabors Industries has a 1 year low of $5.32 and a 1 year high of $17.92. The company has a current ratio of 1.41, a quick ratio of 1.27 and a debt-to-equity ratio of 1.35. The company has a market cap of $2,580.00, a PE ratio of -3.03 and a beta of 1.59.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.09). Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. The firm had revenue of $662.50 million during the quarter, compared to the consensus estimate of $674.03 million. During the same quarter last year, the company posted ($0.55) EPS. Nabors Industries’s revenue for the quarter was up 27.4% on a year-over-year basis. equities research analysts anticipate that Nabors Industries will post -1.62 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 13th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 2.96%. The ex-dividend date was Tuesday, December 12th. Nabors Industries’s dividend payout ratio is presently -8.96%.

A number of hedge funds have recently added to or reduced their stakes in NBR. Brave Asset Management Inc. acquired a new stake in Nabors Industries during the third quarter valued at approximately $101,000. Frontier Wealth Management LLC lifted its stake in Nabors Industries by 11.4% during the second quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 1,284 shares during the last quarter. Oakbrook Investments LLC acquired a new stake in Nabors Industries during the fourth quarter valued at approximately $103,000. State of Alaska Department of Revenue acquired a new stake in Nabors Industries during the fourth quarter valued at approximately $109,000. Finally, Cetera Advisors LLC acquired a new stake in Nabors Industries during the third quarter valued at approximately $115,000. 87.79% of the stock is owned by institutional investors and hedge funds.

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About Nabors Industries

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

Analyst Recommendations for Nabors Industries (NYSE:NBR)

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